HL Mando (204320.KS) Q1 2026: Net Profit +53% on India and ADAS Gains, FCF Stays at -₩70B
Gross margin expansion of 153 basis points reflects a genuine product-mix and regional-shift story, but an estimated ₩10 billion in one-time items embedded in operating profit and persistently negative free cash flow keep the earnings recovery incomplete.
Source: Q1 2026 Quarterly Report (13th Fiscal Year, First Quarter, January 1 – March 31, 2026) — Filed with DART | Consolidated Financial Statements | Unit: ₩ billions
